Starting a video game store can be a great way to tap into the growing popularity of gaming. With the right planning and execution, you can build a successful business in this rapidly-growing industry. In this complete guide, we’ll cover everything you need to know to get started, including how to choose the right location, stock your shelves, and market your store. Let’s get started!
Table of Contents
- What is a Video Game Store?
- Why would I want to start a video game store?
- How do I start a video game store?
- How much does it cost to start a video game store?
- How do I find customers for my video game store?
What is a Video Game Store?
Starting a video game store may seem like a natural fit for gamers, but it’s important to approach the venture as a business and conduct thorough market research before diving in.
The video gaming industry is constantly evolving, with new consoles and titles constantly entering the market. It’s important to understand the current demand for various video game systems and types of games in your area, as well as the potential competition from both brick-and-mortar stores and online retailers.
Additionally, consider the costs associated with operating a physical store, including rent, staffing, and inventory management. With careful planning and an understanding of both the video gaming industry and the retail market, a video game store startup can be successful.
Why would I want to start a video game store?
Businesses come and go, but there are some that have staying power. One of these businesses is the video game store. In 2022, there are more reasons than ever to start a video game store. The industry is booming, and there is a growing demand for gaming products and services. Here are four reasons why you should start a video game store in 2022:
The industry is growing
The global video game market was worth an estimated $159 billion in 2020, and it is expected to grow to $200 billion by 2023. This rapid growth is being driven by the popularity of mobile gaming, the rise of esports, and the increasing adoption of games as a form of entertainment by older generations.
There is a growing demand for gaming products and services
As the industry grows, so does the demand for gaming products and services. This includes things like console hardware, game software, gaming accessories, and even competitive gaming services. There is a growing market for all of these things, and a video game store can be a great way to tap into it.
You can cater to niche markets
There are all sorts of different types of gamers out there, and they all have different needs. A video game store that caters to a specific niche market can be very successful. For example, you could start a store that specializes in retro games or one that focuses on competitive gaming.
You can leverage technology
Technology has made it easier than ever to start and operate a business. You can use online tools to manage inventory, process payments, promote your business, and connect with customers. Leveraging technology can help you run a successful video game store with minimal overhead costs.
Starting a video game store in 2022 can be a great way to tap into a rapidly growing industry with a lot of potential. There is a growing demand for gaming products and services, and you can cater to niche markets or leverage technology to run a successful business. If you’re considering starting a business in the near future, a video game store should definitely be on your list!
How do I start a video game store?
The video game industry is one of the fastest-growing in the world. In 2018, it was worth over $43 billion dollars and is projected to reach $196 billion by 2025. With such rapid growth, there’s never been a better time to start a video game store. In this post, we’ll walk you through everything you need to know to get started, from writing a business plan to stocking your shelves.
Create a Business Plan
Before you do anything else, you need to sit down and write a business plan. This document will outline your store’s goals, strategies, and financial projections. It will be crucial in getting investors on board and keeping everyone on the same page as you get started. If you’ve never written a business plan before, there are plenty of resources available online to help you get started.
Raise Capital
Starting any business requires capital, and a video game store is no different. You’ll need money to lease a retail space, buy inventory, and hire employees. If you don’t have the personal savings to cover these costs, you’ll need to look into other options like small business loans or angel investors. Putting together a solid business plan will make it easier to secure the funding you need.
Find the Right Location
The next step is finding a retail space for your store. Ideally, you want something that’s centrally located with high foot traffic. You should also consider the demographics of the area—are there a lot of potential customers in your target demographic? The right location can make all the difference in the success of your store.
Stock Your Shelves
Now comes the fun part: stocking your shelves! You’ll need to decide what mix of new and used games to carry, as well as gaming consoles and accessories. It’s important to find a balance between popular titles and niche games to appeal to as many customers as possible. You should also create an inviting environment with comfortable seating and ample demo stations.
Hire Employees
Last but not least, you’ll need to staff your store with qualified employees. Look for people who are passionate about gaming and have experience working in customer service—they’ll be key in providing an excellent experience for your customers. Gaming knowledge isn’t required but it definitely doesn’t hurt! Once you have your team in place, provide them with comprehensive training on your products and services so they can best assist your customers.
Starting a video game store may seem daunting at first, but with careful planning and execution it can be a highly successful endeavor. Focus on writing a solid business plan, securing funding, finding the right location, stocking shelves with a mix of popular and niche titles, and hiring passionate employees with strong customer service skills. With these steps in place, you’ll be well on your way to opening up a successful video game store!
How much does it cost to start a video game store?
The video game industry is one of the largest and fastest-growing entertainment sectors in the world. In 2019, global sales of video games reached $120 billion. For comparison, that’s more than twice the size of the global movie industry.
With such immense growth comes new opportunities for entrepreneurs. So, if you’re thinking about starting a video game store, you might be wondering how much it would cost to get off the ground. This blog post will give you a rough estimate of the start-up costs associated with this type of business.
There are two main types of video game stores: brick-and-mortar and online. Each type of store has its own unique set of start-up costs. In this blog post, we will focus on brick-and-mortar stores since they are more capital intensive.
The start-up costs for a brick-and-mortar video game store can be divided into three main categories: 1) real estate; 2) build-out; and 3) inventory.
Real Estate
The first and often most expensive cost associated with opening a brick-and-mortar video game store is finding and leasing commercial space. The price of leasing commercial space varies widely depending on factors such as location, square footage, and amenities.
In general, you can expect to pay between $1,000 and $3,000 per month for a small storefront (between 500 and 1,000 square feet). If you want to lease a larger space (1,500 – 2,500 square feet), you can expect to pay between $2,500 and $5,000 per month. Of course, these prices can vary significantly depending on the location of your store.
Buildout Costs
After you have leased commercial space for your store, you will need to build it out to meet your specific needs. The cost of build-out also varies widely depending on factors such as the size of your space, the work that needs to be done, and whether or not you use a professional contractor.
If you lease a small space (500 – 1,000 square feet), you can expect to pay between $10,000 and $20,000 for build-out costs. If you lease a larger space (1,500 – 2,500 square feet), you can expect to pay between $20,000 and $50,000 for build-out costs.
Inventory Costs
The third major cost associated with opening a video game store is inventory. The cost of inventory will depend on the type of games you sell (new or used), how many games you sell, and where you source your inventory from.
If you decide to sell new games, you can expect to pay between $40 and $60 per unit from wholesalers like Ingram Entertainment or Vinyl Dots Games Distributing. If you decide to sell used games, you can expect to pay an average of $15 per unit from retailers like GameStop or Amazon. Of course, you will also need consoles like Sony PlayStation 4s, Microsoft Xbox One, or Nintendo Switch to play these games, which typically retail for around $300 each.
Starting a video game store is a capital-intensive undertaking. The three biggest expenses associated with this type of business are real estate, build-out costs, and inventory. However, if done correctly, a video game store can be a very profitable venture.
How do I find customers for my video game store?
When you’re starting a video game store, it can be difficult to know where to find your first customers. You might be tempted to rely on word-of-mouth or advertising, but there are a number of other strategies you can use to get the word out about your business.
Here are four ways to find new customers for your business:
Leverage your existing customer base.
Your existing customers are your best source of new business. Why? Because they already know, like, and trust you. So make it easy for them to spread the word about your business by giving them Referral Cards (or some other type of referral program) that they can give to their friends and family members.
Use social media.
Social media is a great way to reach new customers. But before you start spamming people’s feeds with ads, take some time to build relationships with potential customers by providing valuable content that they’ll actually want to read and share. Once you’ve established yourself as a thought leader in your industry, you can start promoting your products and services on social media without turning people off.
Make it easy for customers to find you.
Make sure your website is optimized for search engines and that your listing is up-to-date on all the major directories (Google My Business, Yelp, etc.). And if you have a physical location, make sure it’s easy to find and that the outside of your store is clean and inviting.
Get involved in your community.
One of the best ways to find new customers is to get involved in your community—whether that means sponsoring a local Little League team, donating to a food drive, or simply attending Chamber of Commerce mixers and other events where potential customers are likely to be present. When people see that you’re invested in making your community a better place, they’ll be more likely to do business with you.
No matter what business you’re in, finding new customers is essential to your success. The good news is that there are plenty of ways to find them—you just need to get creative and put in a little effort. By leveraging your existing customer base, using social media, making it easy for customers to find you, and getting involved in your community, you can attract all the new business you need to keep your business thriving for years to come.
